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GBP/USD consolidates above 1.5900

FXStreet (Edinburgh) - The sterling is prolonging its sideline pattern on Wednesday morning, with GBP/USD consolidating its recent breakout of 1.5900 the figure.

GBP/USD focus on BoE

Big day for the pound, as UK labour market figures are due later ahead of the more significant Quarterly Inflation Report by the BoE. Market expectations point to a drop of 22.0K in October’s Claimant Count Change and the jobless rate to tick lower to 5.9% in the three months ended in September. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Rallies are expected to find good resistance offered by the 1.6034 4 month downtrend. Key resistance remains at 1.6185 and while capped here a negative bias remains intact”.

GBP/USD levels to watch

At the moment the pair is up 0.05% at 1.5927 with the next hurdle at 1.5944 (10-d MA) ahead of 1.5960 (hourly high Nov.6) and then 1.5976 (Tenkan Sen). On the flip side, a break below 1.5835 (hourly low Nov.11) would open the door to 1.5791 (low Nov.7) and finally 1.5776 (low Sep.12 2013).

EUR/USD Sees Firm Resistance 1.2510/34, with Better Barrier 1.2578 for Roll Lower – MarketChartist

Steve Miley of MarketChartist notes the 1.2520 resistance as firm and keeps the bear bias intact for the EUR/USD pair.
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